Gresham Private Equity, a UK mid-market private equity specialist, has sold healthcare recruitment business Blue Group International to another care recruitment company, HCL, formerly Healthcare Locum, for £12 million (€18 million; $24 million). Gresham made a return of 2.6 times its investment.
Olswang, which specialises in technology and teclecoms, gave legal advice to Gresham, while Clearwater Corporate Finance provided financial services.
This is the second exit in a week for Gresham, which also sold Individual Restaurant Company chain to Bank Restaurant Group, a UK company, which owns outlets in locations including London, Glasgow and Manchester, for £41 million. The deal generated a return of 2.3 times Gresham’s investment.
Blue Group, which includes Bluecare Social Care and Bluecare Medical, specialises in the placement and management of qualified social workers and social care professionals within the public, private and voluntary care sectors.
Gresham focuses on the business and support services, consumer, financial services, healthcare and pharmaceuticals and industrial products sectors. The company targets UK mid-market deals typically valued up to £100 million.